China’s fiscal revenue fell 1.7% in 2025 from a year earlier, the finance ministry said on Friday, the first contraction since 2020, as a protracted property slump and weak domestic demand dragged the economy.
Tax revenue rose 0.8% in 2025, while income from non-tax sources slumped 11.3%, the ministry said. Fiscal expenditure rose 1% year-on-year.
Revenue from land sales by China’s local governments dropped 14.7% in 2025 compared with the previous year amid the deep property downturn.
Reuters
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